Auto insurance data spat could lead to regulatory battle in Illinois

Auto insurance data - Regulation Battle - Illinois

A fight over information regarding insurer profits during the pandemic may increase state regulation. Newly disclosed auto insurance data from throughout the pandemic has shown that insurers made excessive profits throughout that span of time, according to the Illinois Public Interest Research Group (PIRG) consumer advocacy group. The watchdog says it is proof that the state is in need of stricter regulation of the industry. Insurers have been fighting against the release of the auto insurance data relating to the premiums charged throughout the pandemic. That information was requested by…

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State Farm auto insurance rates drop in several states (including the most expensive)

State Farm auto insruance rates - Car on coins

The insurer has announced that drivers in many states will be feeling a bit of relief from their rates. State Farm auto insurance rates are falling in a number of states, including two of the most expensive places to drive in the country. Two states that will experience relief over what they had been paying include Michigan and Louisiana. Michigan drivers – who pay, on average, more than any other motorists in the country – will see an average State Farm auto insurance rate reduction of 3.5 percent. In total,…

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Allstate auto insurance rates are going up for Illinois drivers

allstate auto insurance

The insurer has increased premiums in the state by an average of 6 percent, following a statewide trend. Allstate auto insurance customers are about to face an increase in the rates they’re paying for their policies. This announcement was made only 6 months after a similar one was made State Farm, the largest car insurance company in the state. The average increase for drivers in the state with Allstate coverage will be about 6 percent. The original filing to increase Allstate auto insurance rates was made in January. An Illinois…

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Geico auto insurance rates headed skyward in Illinois

Geico auto Insurance

The average premiums increase is expected to be 3.5 percent, according to state records. Geico auto insurance will be increasing its rates in Illinois next year. The company, which is owned by Berkshire Hathaway, will raise premiums by an average of 3.5 across the state. The new Illinois auto insurance rates will become effective on February 6, 2017 for policy renewals. This is not the only increase being issued by Geico auto insurance. In fact, the insurer has been making similar announcements across the country. Throughout 2016, the average policy…

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Auto insurance digital proof cards legal in Illinois

Proof of Auto Insurance

The state has now passed a law that allows drivers to use their smartphones to prove their coverage. Drivers in Illinois will soon be able to choose whether they would like to prove that they have auto insurance using the traditional printed cards or whether they would rather use their smartphones to display a digital copy of this information. Some believe that this could mean that they days of digging through glove compartments may soon be over. On Friday, the bill to allow the digital auto insurance proof in Illinois…

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